Penumbra Inc (PEN) Expected to Post Quarterly Sales of $87.80 Million

Wall Street brokerages forecast that Penumbra Inc (NYSE:PEN) will announce sales of $87.80 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Penumbra’s earnings, with estimates ranging from $87.60 million to $88.00 million. Penumbra posted sales of $73.11 million in the same quarter last year, which suggests a positive year over year growth rate of 20.1%. The business is expected to report its next earnings results after the market closes on Tuesday, February 27th.

On average, analysts expect that Penumbra will report full-year sales of $87.80 million for the current financial year, with estimates ranging from $325.31 million to $325.80 million. For the next financial year, analysts expect that the firm will post sales of $390.00 million per share, with estimates ranging from $389.60 million to $390.39 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Penumbra.

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Penumbra (NYSE:PEN) last issued its earnings results on Tuesday, November 7th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.07. Penumbra had a negative net margin of 2.19% and a negative return on equity of 1.95%. The company had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $79.17 million. During the same quarter last year, the company posted ($0.04) earnings per share. The firm’s quarterly revenue was up 24.9% on a year-over-year basis.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Penumbra from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Canaccord Genuity restated a “buy” rating and issued a $113.00 target price on shares of Penumbra in a report on Wednesday, January 24th. BMO Capital Markets raised their target price on shares of Penumbra from $96.00 to $117.00 and gave the stock an “outperform” rating in a report on Wednesday, November 8th. Finally, JPMorgan Chase & Co. cut shares of Penumbra from an “overweight” rating to a “neutral” rating in a report on Tuesday, January 2nd. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Penumbra presently has a consensus rating of “Hold” and an average target price of $111.50.

Shares of Penumbra (PEN) opened at $96.25 on Friday. Penumbra has a fifty-two week low of $67.95 and a fifty-two week high of $116.35.

In other news, Director Thomas Wilder sold 345 shares of Penumbra stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $91.15, for a total transaction of $31,446.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sridhar Kosaraju sold 10,900 shares of Penumbra stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $105.89, for a total transaction of $1,154,201.00. The disclosure for this sale can be found here. Insiders have sold a total of 347,026 shares of company stock worth $35,271,762 in the last quarter. Corporate insiders own 13.50% of the company’s stock.

Several institutional investors have recently modified their holdings of PEN. Prudential Financial Inc. purchased a new position in shares of Penumbra during the 2nd quarter worth $252,000. Principal Financial Group Inc. boosted its stake in shares of Penumbra by 10.9% during the 2nd quarter. Principal Financial Group Inc. now owns 14,452 shares of the company’s stock worth $1,268,000 after acquiring an additional 1,421 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Penumbra by 20.7% during the 2nd quarter. Wells Fargo & Company MN now owns 36,930 shares of the company’s stock worth $3,241,000 after acquiring an additional 6,343 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Penumbra by 14.1% during the 2nd quarter. Teachers Advisors LLC now owns 53,241 shares of the company’s stock worth $4,672,000 after acquiring an additional 6,596 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in shares of Penumbra by 8.5% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 78,999 shares of the company’s stock worth $6,932,000 after acquiring an additional 6,172 shares during the last quarter. Institutional investors and hedge funds own 71.57% of the company’s stock.

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Penumbra Company Profile

Penumbra, Inc is a healthcare company focused on interventional therapies. The Company designs, develops, manufactures and markets medical devices. It has a portfolio of products that addresses medical conditions and clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.